Insider Trading in a Globalizing Market: Who Should Regulate What?

As the market for securities becomes increasingly global, the question of whose rules should apply to any particular transaction will arise with increasing frequency. The issue is examined

Lessons from Fiascos in Russian Corporate Governance

"Bad corporate governance" is often invoked to explain poor enterprise performance, but the catch phrase is never precisely defined - neither its consequences for the real economy, nor its causes in particular countries has been adequately explained. This paper uses Russian enterprise examples to address these open questions in corporate governance theory. We define corporate governance by looking to the economic functions of the firm rather than to any particular set of national corporate laws. Firms exhibit good corporate governance when their managers maximize residuals and, in the case of investor-owned firms, make pro rata distributions to shareholders. First, using this definition, we develop a typology that shows the channels through which bad corporate governance can inflict damage on the real economy. The topology helps identify vulnerabilities to corporate governance problems that may appear in any country and it suggests a new way to tailor policy responses. Second, we explain the causes of poor corporate performance in Russia by looking to the particular conditions prevailing at privatization - untenable initial firm boundaries and insider allocation of firm shares - and the bargaining dynamics that followed. The focus on initial conditions helps expand a comparative corporate governance literature built on United States, Western European, and Japanese models. Lessons from Russian fiascos counsel caution as to "stakeholder" proposals - including labor or local communities in formal corporate governance - and generate testable hypotheses regarding potential losses from the multiple large block share ownerships typical of many U.S. firms, especially close corporations.

Economically Feasible Crop Production Alternatives to Peanuts in Southwestern Oklahoma

Changes in the U.S. peanut program have resulted in drastically decreased planted acres and forced many peanut producers in the Southwest to consider alternative crops. This study examined the economic risk associated with producing peanuts and common alternatives to peanuts. Seedless watermelon is an alternative for risk preferring farmers whereas, irrigated peanut is the best choice for risk averse farmers.Crop Production/Industries,

Preliminary test results of the joint FAA-USAF-NASA runway research program. Part 1: Traction measurements of several runways under wet and dry conditions with a Boeing 727, a diagonal-braked vehicle, and a mu-meter

The stopping distance, brake application velocity, and time of brake application were measured for two modern jet transports, along with the NASA diagonal-braked vehicle and the British Mu-Meter on several runways, which when wetted, cover the range of slipperiness likely to be encountered in the United States. Tests were designed to determine if correlation between the aircraft and friction measuring vehicles exists. The test procedure, data reduction techniques, and preliminary test results obtained with the Boeing 727, the Douglas DC-9, and the ground vehicles are given. Time histories of the aircraft test run parameters are included

Larval Ecology of Some Lower Michigan Black Flies (Diptera: Simuliidae) With Keys to the Immature Stages

The species composition, succession, and seasonal abundance of -immature simuliids ocmrrhg in the Rose Lake Wildlife Research Area in lower Michigan are presented. Selected physical and chemical characteristics of streams in the above area were examined and compared in relation to faunal distributions. Comparisons of species differences between permanent and temporary streams were made utilizing the functional group concept based on feeding mechanisms. Keys and illustrations are presented for the identiiication of larvae and pupae of four genera (Prosimulium, Simulium, Stegopterna, Cnephia) and 19 species of Simuliidae known to occur in lower Michigan. Two species, Cnephia ornithophilia and Simulium vemum, were recorded for the first time in Michigan

Dynamical evolution of the young stars in the Galactic center: N-body simulations of the S-stars

We use N-body simulations to study the evolution of the orbital eccentricities of stars deposited near (<0.05 pc) the Milky Way massive black hole (MBH), starting from initial conditions motivated by two competing models for their origin: formation in a disk followed by inward migration; and exchange interactions involving a binary star. The first model predicts modest eccentricities, lower than those observed in the S-star cluster, while the second model predicts higher eccentricities than observed. The N-body simulations include a dense cluster of 10 M_sun stellar black holes (SBHs), expected to accumulate near the MBH by mass segregation. Perturbations from the SBHs tend to randomize the stellar orbits, partially erasing the dynamical signatures of their origin. The eccentricities of the initially highly eccentric stars evolve, in 20 Myr (the S-star lifespan), to a distribution that is consistent at the ~95 % level with the observed eccentricity distribution. In contrast, the eccentricities of the initially more circular orbits fail to evolve to the observed values in 20 Myr, arguing against the disk migration scenario. We find that 20 % - 30 % of the S-stars are tidally disrupted by the MBH over their lifetimes, and that the S-stars are not likely to be ejected as hypervelocity stars outside the central 0.05 pc by close encounters with stellar black holes.Comment: 6 pages, 2 figures. Minor corrections, Sumitted to Ap

Dynamical evolution of the young stars in the Galactic center

Recent observations of the Galactic center revealed a nuclear disk of young OB stars near the massive black hole (MBH), in addition to many similar outlying stars with higher eccentricities and/or high inclinations relative to the disk (some of them possibly belonging to a second disk). In addition, observations show the existence of young B stars (the 'S-cluster') in an isotropic distribution in the close vicinity of the MBH ($<0.04$ pc). We use extended N-body simulations to probe the dynamical evolution of these two populations. We show that the stellar disk could have evolved to its currently observed state from a thin disk of stars formed in a gaseous disk, and that the dominant component in its evolution is the interaction with stars in the cusp around the MBH. We also show that the currently observed distribution of the S-stars could be consistent with a capture origin through 3-body binary-MBH interactions. In this scenario the stars are captured at highly eccentric orbits, but scattering by stellar black holes could change their eccentricity distribution to be consistent with current observations.Comment: 5 pages, 2 figures. To appear in the proceedings of the Central Kiloparsec conference, 2008, Cret

Gravitational waves from galaxy encounters

We discuss the emission of gravitational radiation produced in encounters of dark matter galactic halos. To this aim we perform a number of numerical simulations of typical galaxy mergers, computing the associated gravitational radiation waveforms as well as the energy released in the processes. Our simulations yield dimensionless gravitational wave amplitudes of the order of $10^{-13}$ and gravitational wave frequencies of the order of $10^{-16}$ Hz, when the galaxies are located at a distance of 10 Mpc. These values are of the same order as those arising in the gravitational radiation originated by strong variations of the gravitational field in the early Universe, and therefore, such gravitational waves cannot be directly observed by ground-based detectors. We discuss the feasibility of an indirect detection by means of the B-mode polarization of the Cosmic Microwave Background (CMB) induced by such waves. Our results show that the gravitational waves from encounters of dark matter galactic halos leave much too small an imprint on the CMB polarization to be actually observed with ongoing and future missions.Comment: 9 pages with revtex style, 3 ps figures; to be published in Physical Review